Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
Protect Your Family Today
with a Free Last Will & Testament
  • Finish and print in minutes!
  • Personalized for You
  • Written by expert Attorneys
  • Valid & Legal for South Carolina
 Start My Free Document 

Benefits of a Limited Liability Company (LLC) in Andrews, SC

Benefits of a Limited Liability Company (LLC) in Andrews, SC


Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
 
- Steve Jobs


A limited liability company (LLC) is similar to a Partnership but has the liability protection for the owners that a corporation offers without the formalities, paperwork and fees. All new LLCs must file articles of organization with their secretary of state's office.

You should draft an operating agreement for your LLC that spells out the details of the business arrangement, including members' percentage ownership, roles, rights and responsibilities.

The LLC structure is a good way to "wall off" your personal assets from your company's liabilities, offering protection for your personal assets in the event of a liability or judgment against your business.

A limited liability company (LLC) also has certain tax advantages. The business itself is not responsible for taxes on its profits. Instead, the LLC's owners, known as "members," report their share of business profit and loss on their personal tax returns, similar to tax reporting for a General Partnership. This is known as "pass-through" taxation.


There are many benefits to an LLC structure.

  • Protected assets: LLCs provide limited liability protection to their owners (members), who are typically not personally responsible for the business debts and liabilities of the LLC. Creditors cannot pursue the personal assets (house, savings accounts, etc.) of the owners to pay business debts. Conversely, in a sole proprietorship or General Partnership, owners and the business are legally considered the same—leaving personal assets vulnerable.
  • Pass-through taxation: LLCs typically do not pay taxes at the business level. Any business income or loss is "passed-through" to owners and reported on their personal income tax returns. Any tax due is paid at the individual level.
  • Heightened credibility: Forming an LLC may help a new business establish credibility with potential customers, employees, vendors and partners because they see you have made a formal commitment to your business.
  • Limited compliance requirements: LLCs face fewer state-imposed annual requirements and ongoing formalities than S corporations and C corporations.
  • Flexible management structure: LLCs are free to establish any organizational structure agreed upon by the company owners. LLCs can be managed by the owners (members) or by managers, unlike corporations which have a board of directors who oversee the major business decisions of the company and officers who manage the day-to-day affairs.
  • Few restrictions: There are few restrictions on who can be an LLC owner or how many owners an LLC may have (unlike S corporations).


    • Potential LLC Disadvantages

    LLCs may have some potential disadvantages, including:

  • Formation and ongoing expenses: To form an LLC, Articles of Organization must be filed with the state and the applicable state filing fees paid. Many states impose ongoing fees, such as annual report and/or franchise tax fees. While these fees often are not very expensive for small businesses, LLC formation is more expensive than that of a sole proprietorship or General Partnership, both of which are not required to file formation documents with the state. A few states, such as New York and Arizona, also require LLC owners to publish notice of the LLC formation in local newspapers for several weeks. This can be costly.
  • Transferable ownership: Ownership in an LLC is often harder to transfer than with a corporation. With corporations, shares of stock can be sold to increase ownership. Typically with LLCs, all owners must approve adding new owners or altering the ownership percentages of existing owners.
  • Less precedent: Because the LLC is a newer type of business structure, there is not as much case law or legal precedent for LLCs as there is for corporations.

    •  
    Download & Print a Free SC Last Will Personalize This Document
    Page 1
     
    Download & Print a Free SC Living Will Personalize This Document
    Page 1
      Answer Easy
    Questions
    answer simple questions online step by step
    Easy Questions, Instant Documents
    • Finish in Minutes
    • Download Immediately
    • Written by Attorneys
    • 100% Guaranteed
      Get Instant Legal
        Documents™
    Print, save or email your finished legal document immediately!
    Last Will & Testament
    Related Legal Services near Andrews, SC
    Ferguson Lelia
    1345 Garner Ln # 202
    Columbia, SC 29210
    (803) 561-9993
    Attorneys, General Practice Attorneys, Legal Service Plans
    Caroline Overcash
    354 S Stonehedge Dr
    Columbia, SC 29210
    (803) 750-9979
    Attorneys
    Beasley Pamela Simmons Law Offices
    810 Dutch Square Blvd
    Columbia, SC 29210
    (803) 798-9890
    Social Security & Disability Law Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  General Practice
    Douglas S Delaney
    9 Oak Forest Rd Ste 200
    Bluffton, SC 29910
    (843) 815-9777
    General Practice Attorneys, Attorneys
    Delaney Law Firm
    9 Oak Forest Rd Ste 200
    Bluffton, SC 29910
    (843) 815-9777
    General Practice Attorneys, Attorneys
    Stegner Law Firm
    3-B Lafayette Ct
    Cmdn, SC 29010
    (803) 432-9586
    Attorneys, Social Security & Disability Law Attorneys
    Boshaw Law Firm
    6 Shults Rd Ste 1C
    Bluffton, SC 29910
    (843) 837-9050
    General Practice Attorneys, Attorneys, Legal Service Plans
    Levine, Wendy
    1022 Saint Andrews Rd
    Columbia, SC 29210
    (803) 750-8971
    Attorneys, Divorce Attorneys
    Anderson, Robert F
    208 Candi Ln
    Columbia, SC 29210
    (803) 252-8600
    Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Banking &
    Griffin , H Flynn III
    208 Candi Ln
    Columbia, SC 29210
    (803) 252-8600
    Attorneys, Legal Service Plans
    Lake Law Firm
    1034 Briargate Cir # 1
    Columbia, SC 29210
    (803) 750-8311
    Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
    Scarlata Tarik
    1292 Yeamans Hall Rd
    Hanahan, SC 29410
    (843) 746-8023
    Immigration Law Attorneys, Attorneys
    Bowers & Siren
    199 Bluffton Rd
    Bluffton, SC 29910
    (843) 757-8020
    Family Law Attorneys, Attorneys, Legal Service Plans
    Player Law Firm
    1415 Broad River Rd
    Columbia, SC 29210
    (803) 772-8008
    General Practice Attorneys, Attorneys, Legal Service Plans
    Rogers Townsend & Thomas PC
    220 Executive Center Dr
    Columbia, SC 29210
    (803) 771-7900
    Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Attorneys,  Legal Service Plans
    Svalina Law Firm
    2 Westbury Park Way Ste 201
    Bluffton, SC 29910
    (843) 837-7800
    Attorneys,  Family Law Attorneys,  Corporation & Partnership Law Attorneys,  General Practice Attorn
    Akins Dale
    6 Johnston Way # A-2
    Bluffton, SC 29910
    (843) 757-7574
    General Practice Attorneys, Attorneys, Legal Service Plans
    Elrod Luke
    264 Latitude Ln # 102
    Clover, SC 29710
    (803) 324-7574
    Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Corp
    Sherwood M Cleveland Pc
    111 Executive Center Dr
    Columbia, SC 29210
    (803) 407-7463
    Real Estate Attorneys, Attorneys
    Eric C. Hale, LLC
    125 Executive Pointe Blvd
    Columbia, SC 29210
    (803) 310-7331
    Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Legal Clini
    Jeffries Law Firm LLC
    1345 Garner Ln
    Columbia, SC 29210
    (803) 772-7300
    Attorneys, Employee Benefits & Worker Compensation Attorneys, Labor & Employment Law Attorneys
    D Mays Dickey PA
    301 Stoneridge Dr
    Columbia, SC 29210
    (803) 750-7255
    General Practice Attorneys, Attorneys, Legal Service Plans
    Wogan Timothy Law Office
    7 Plantation Park Dr
    Bluffton, SC 29910
    (843) 815-6921
    General Practice Attorneys, Attorneys, Legal Service Plans
    Esquivel Hector F
    7 Simmonsville Rd Ste 100 B
    Bluffton, SC 29910
    (843) 784-6900
    Accident & Property Damage Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US